EQT sells deSter to Gate Gourmet
EQT I and EQT III (”EQT”) have agreed to sell deSter Holdings B.V. to Gate Gourmet, the world's largest independent provider of airline catering and provisioning services. EQT-owned Duni AB acquired deSter in 1999 and since then has substantially restructured and reshaped the business and developed its positions within the in-flight equipment and in-flight catering industry. During the first quarter of 2007, Duni sold the shares in deSter Holdings B.V. to a newly established holding entity, wholly owned by EQT.
deSter is today a world leading designer, producer and supplier of onboard services and products. With operations on three continents and with over 350 airlines as customers, the company is the global market leader within in-flight equipment. Through the acquisition of Supplair in 2005, deSter is also well positioned within the larger in-flight food solutions market through its unique and cost competitive offering. deSter is headquartered in Hoogstraten (Belgium), and has about 1,000 employees. In 2006 deSter had sales of EUR 235 million.
Founded in 1992, Gate Gourmet is the world's largest independent airline catering and logistics company. With approximately 20,000 employees worldwide, Gate Gourmet produces an average of 200 million meals annually, serving customers from 95 flight kitchens on a global basis to more than 250 airline customers in 26 different countries over 5 continents. In 2006, the company had sales of EUR 1,456 million.
Thomas von Koch, Senior Partner of EQT Partners, comments: ”deSter has developed under EQT's ownership to become a successful business with a strong position. The industrial logic in Gate Gourmet acquiring deSter is very clear. Gate Gourmet and deSter complement each other very well and the new owner has the knowledge and resources to continue growing the business.”
The sale is conditional upon approval by the relevant competition authorities.
Terms have not been disclosed.
Johan Hähnel, Communications & PR, +46 706 056 334, email@example.com